Starbucks Corp. stated that it expects profit to increase this year as clients come back to its cafes now operating more effectively than before the coronavirus struck.
This coffee behemoth’s sales dropped last year as it closed stores initially in China then around the world as the pandemic took hold. Starbucks has steadily reopened stores since last summer, when health restrictions on business and public gatherings started to ease in parts of the US. It has also pushed mobile ordering of beverages while increasing its to-go options.
Starbucks stated on Tuesday that international same-store sales in its March-ended quarter climbed 15% from the same period last year. International markets accounted for much of the growth; same-store sales in the US increased 9%. Analysts had expected global growth of 17%. Shares in Starbucks dropped 1.5% in after-market trading to $114.
Starbucks stated that it expects revenue for the year to rise more than it previously prog-jected. It now sees annual earnings of $2.65 to $2.75 a share, up from $2.42 to $2.62 previously. The chain also bumped up its projections for store margins and sales.